summary
Introduced
10/18/2019
10/18/2019
In Committee
10/23/2019
10/23/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to impose a tax on nicotine used in vaping, etc. This bill imposes an excise tax on "taxable nicotine" which is any nicotine that has been extracted, concentrated, or synthesized and is treated as a tobacco product. The tax does not apply to nicotine used in a product that has been approved by the Food and Drug Administration for sale as a nicotine replacement therapy.
AI Summary
This bill imposes an excise tax on "taxable nicotine," which is any nicotine that has been extracted, concentrated, or synthesized and is treated as a tobacco product. The tax does not apply to nicotine used in products approved by the Food and Drug Administration (FDA) for sale as nicotine replacement therapy. The bill amends the Internal Revenue Code of 1986 to establish this new tax, which will be based on the dollar amount specified for tobacco products or $50.33 per 1,810 milligrams of nicotine, with a proportionate tax on any fractional part thereof. The amendments made by this bill will apply to articles manufactured or imported in calendar quarters beginning more than 90 days after the date of enactment.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Placed on the Union Calendar, Calendar No. 322. (on 02/21/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
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